Measuring Producers' Risk Preferences: A Global Risk‐Attitude Construct
通过因子分析模型，利用373名农户数据，检验了期望效用框架与多项目量表框架下的风险态度测量是否相关，发现全球风险态度构念能解释不同测量的共同变异，并与农户使用期货合约的意愿显著相关。
Abstract In applied agricultural economic research various risk‐attitude elicitation techniques are used. Here, we investigate whether risk‐attitude measures rooted in the expected utility framework are related to measures rooted in the multi‐item scale framework. Using a second‐order factor analytical model, and data obtained from personal computer‐guided interviews with 373 farmers, we investigate whether the common variance among the (latent) risk‐attitude measures can be accounted for by a global risk‐attitude construct. We find that the different risk‐attitude measures are related, and that the global risk‐attitude construct is significantly related to farmers' intention to use futures contracts. Our research suggests that farmers' risk attitude is a higher‐order characteristic that cannot be effectively extracted by a single measure.